William’s father, King Charles III, announced their new titles in a nationally televised speech on Friday, his first as king. “Today, I am proud to create him Prince of Wales, Tywysog Cymru, the country whose title I have been so privileged to bear for so much of my life and duty,” Charles said in a pre-recorded speech. “With Catherine by his side, our new Prince and Princess of Wales, I know, will continue to inspire and guide our national conversations, helping to bring the marginalized to the center where vital help can be given.” William and Kate, who have three children, are now the first couple to use the titles of Prince and Princess of Wales since they were used by Charles and the late Princess Diana, who split in 1996. Charles’ current wife, Camilla, never used the title of Princess of Wales, but instead the Duchess of Cornwall. She is now Queen Consort with Charles’ accession to the throne. In assuming the title of Princess of Wales, Kate “appreciates the history associated” with it, a royal source told ABC News. The source added that Kate “will understandably want to look to the future as she creates her own path.” William, now heir to the throne, also takes over the title of Duke of Cornwall from Charles and inherits the duchy of Cornwall, the private estate established in 1337 to provide financial independence for the crown prince and his family. Camilla Duchess of Cornwall, Prince Charles, Queen Elizabeth II, Prince George, Prince William, Princess Charlotte, Prince Louis and Kate Duchess of Cambridge appear on the balcony of Buckingham Palace during the Platinum Jubilee Competition outside Buckingham Palace in London, June 5. 2022. Jonathan Brady/AP “As my heir, William now takes on the Scottish titles that mean so much to me,” Charles said in his speech on Friday. “He succeeds me as Duke of Cornwall and takes over the responsibilities for the dukedom of Cornwall, which I have held for more than five decades.” Kate, formerly the Duchess of Cambridge, inherits the new title of 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 in the grounds of Windsor Castle. From left, Britain’s Prince George, Kate Duchess of Cambridge, Prince Louis, Prince William and Princess Charlotte arrive for afternoon grooming at Lambrook School, near Ascot, England, September 7, 2022. Jonathan Brady/Pool via AP This week, George, Charlotte and Louis attended their first day of school at Lambrook School in Berkshire, a preparatory school for children aged 3 to 13 in South East England.