Taylor was hospitalized in February for symptoms caused by congestive heart failure, described at the time as an ongoing condition. Her condition had stabilized, and it was hoped she would be able to return home.
Taylor, a double Oscar winner famous for her eight marriages -- twice to actor Richard Burton -- underwent heart surgery in 2009 to replace a leaky valve.
She announced in 2004 that she had been diagnosed with congestive heart failure -- a condition in which the heart cannot pump enough blood to other organs.
Taylor's son, Michael Wilding, released the following statement after Taylor's death:
"My Mother was an extraordinary woman who lived life to the fullest, with great passion, humor, and love. Though her loss is devastating to those of us who held her so close and so dear, we will always be inspired by her enduring contribution to our world.
"Her remarkable body of work in film, her ongoing success as a businesswoman, and her brave and relentless advocacy in the fight against HIV/AIDS, all make us all incredibly proud of what she accomplished. We know, quite simply, that the world is a better place for Mom having lived in it. Her legacy will never fade, her spirit will always be with us, and her love will live forever in our hearts."
In addition to her children, Taylor is survived by 10 grandchildren and 4 great-grandchildren.
A private family funeral later this week. Details about a public memorial will be released later, Morrison said.
Flowers will be placed on her star on the Hollywood Walk of Fame Wednesday. The star is located at 6336 Hollywood Boulevard.
The London-born Taylor, who won Oscars for her roles in "Who's Afraid of Virginia Woolf" in 1966 and "Butterfield 8" in 1960, has been using a wheelchair for more than five years to cope with chronic pain after breaking her back four times.