No By default in Weblogic LDAP there is no such feature available to expire the Password automatically. You will have to write your Custom Authenticator.
But you can refer to the following link:
Also please refer to Product Manager of Oracle "James bayer's" response on this in one of his previous reply: http://forums.oracle.com/forums/thread.jspa?threadID=1111874
Password expiration can be specified at the LDAP Server if you are using LDAP Server as the user store.
If you are using a database, you will have to create a custom database authentication provider.