If you put water down for your 14 yr old dog your puppy will drink it anyway or try to if he can.
If you want to keep water down all day it wont do any harm but expect him to pee a lot.
It is a good idea to lift the water up at night as previously suggested.
Just a quick note to say - water drinking is a good measure of your dogs health. I find it a good idea to feed your dog water a pint at a time, when his bowl is empty give him another pint. This can be helpful because if you need to take the dog to the vet's one of the 1st questions is "are they drinking more or less than normal." If you follow this little tip you will roughly know how much water you dog drinks per day.
Hope this helps