Some Latin American countries have a day dedicated to celebrating the lives of their ancestors. El Día de los Muertos (or All Souls' Day) is a holiday celebrated in Mexico. The holiday focuses on gatherings of family and friends to pray for and remember friends and family members who have died. The celebration occurs on November 1st and 2nd in connection with the Catholic holiday of All Saints' Day which occurs on November 1st and All Souls' Day which occurs on November 2nd. Traditions include building private altars honoring the deceased, using sugar skulls, marigolds, and the favorite foods and beverages of the departed, and visiting graves with these as gifts.
Many people believe that during the Day of the Dead, it is easier for the souls of the departed to visit the living. People go to cemeteries to communicate with the souls of the departed, and build private altars, containing the favorite foods and beverages, as well as photos and memorabilia, of the departed. The intent is to encourage visits by the souls, so that the souls will hear the prayers and the comments of the living directed to them. Celebrations can take a humorous tone, as celebrants remember funny events and anecdotes about the departed.
You can read more at
http://www.mexonline.com/daydead.htm.