The law prevented her from inheriting the title, yes. But there was no law preventing women from inheriting money and estates, hence the reason why Lady Ashford assumed that Elizabeth was going to inherit her uncle's estate and fortune. (Elizabeth's father, who is Lord Mansfield's nephew, is remarried and lives on the continent, which is perhaps why Lady Ashford didn't realize Elizabeth was not the heir.)
However, it seemed (in the film) as though the estate was entailed to Lord Mansfield's nephew, which is why neither Elizabeth nor Belle could have inherited.
Entails were legal devices used by families to make sure their grand homes, land and money were not divided among offspring. (They wanted to keep it all together.) Typically, an entail followed the rule of primogeniture, favoring eldest males of the male line. Lord Mansfield had no son, so his closest male relative (along the male line) was his nephew, Elizabeth's father.
In the film, it is mentioned that Elizabeth's father is favoring the children born of his second marriage over her, so she has no expectations of money from her father. Her father will not be providing her with a dowry to assist her in her marriage prospects.
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