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We present a general framework for the characterization of the packet error probability achievable in cell-free Massive multiple-input multiple output (MIMO) architectures deployed to support ultra-reliable low-latency (URLLC) traffic. The framework is general and encompasses both centralized and distributed cell-free architectures, arbitrary fading channels and channel estimation algorithms at both network and user-equipment (UE) sides, as well as arbitrary combining and precoding schemes. The framework is used to perform numerical experiments on specific scenarios, which illustrate the superiority of cell-free architectures compared to cellular architectures in supporting URLLC traffic in uplink and downlink. Also, these numerical experiments provide the following insights into the design of cell-free architectures for URLLC: i) minimum mean square error (MMSE) spatial processing must be used to achieve the URLLC targets; ii) for a given total number of antennas per coverage area, centralized cell-free solutions involving single-antenna access points (APs) offer the best performance in the uplink, thereby highlighting the importance of reducing the average distance between APs and UEs in the URLLC regime; iii) this observation applies also to the downlink, provided that the APs transmit precoded pilots to allow the UEs to estimate accurately the precoded channel.