Lofty, stout woman’s elderly relative (11)
I believe the answer is:
grandfather
'elderly relative' is the definition.
(I know this)
'lofty stout woman's' is the wordplay.
'lofty' becomes 'grand' (I've seen this in another clue).
'stout' becomes 'fat' (similar in meaning).
'woman' becomes 'her' (her refers to a woman).
'grand'+'fat'+'her'='GRANDFATHER'
(Other definitions for grandfather that I've seen before include "Relative U clock" , "An old-timer?" , "Older relative" , "Old man" .)