Velázquez's health began to fail in the summer of 1523 and a year later he died on June 11 or 12, 1524. At his request, he was buried under the altar steps of the new cathedral in Santiago. His close associate, Gonzalo de Guzman, was the principal heir of his estate and would later serve two terms as governor. Even before he died, plans were underway to replace Velázquez. In May, 1524, Carlos II named Juan Altamirano to conduct a "residencia" and become the new governor of Cuba.