Charles's current wife, Camilla, never used the title the Princess of Wales, going by the Duchess of Cornwall instead. She is now the Queen Consort with Charles' accession to the throne.

In taking on the Princess of Wales title, Kate \"appreciates the history associated\" with it, a royal source told ABC News.

The source added Kate though will \"understandably want to look to the future as she creates her own path.\"

William, now heir to the throne, also assumes Charles' title of the Duke of Cornwall and inherits the duchy of Cornwall, the private estate that was established in 1337 to provide financial independence for the heir and his family.

\"PHOTO:
Jonathan Brady/AP
PHOTO: Queen Elizabeth II is joined by the Royal Family as they appear on the balcony of Buckingham Palace during the Platinum Jubilee Pageant outside Buckingham Palace in London, June 5, 2022.
>

\"As my heir, William now assumes the Scottish titles which have meant so much to me,\" Charles said in his speech Friday. \"He succeeds me as Duke of Cornwall and takes on the responsibilities for the duchy of Cornwall, which I have undertaken for more than five decades.\"

Kate, formerly the Duchess of Cambridge, inherits the new title of the Duchess of Cornwall.

William and Kate, along with their children Princes George and Louis and Princess Charlotte, recently moved from Kensington Palace to Adelaide Cottage, a four-bedroom cottage on the grounds of Windsor Castle.

\"PHOTO:
Jonathan Brady/Pool via AP
PHOTO: From left, Britain's Prince George, Kate Duchess of Cambridge, Prince Louis, Prince William and Princess Charlotte, arrive for a settling in afternoon at Lambrook School, near Ascot, England, Sept. 7, 2022.
>

This week, George, Charlotte and Louis attended their first day of school at Lambrook School in Berkshire, a preparatory school for children ages 3 to 13 in South East England.

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