As of today, William and Kate, the Duke and Duchess of Cornwall and Cambridge, have officially inherited the titles of Prince and Princess of Wales from King Charles III and the late Princess Diana. King Charles, who ascended the throne shortly after the death of Queen Elizabeth II yesterday, announced their new titles in his first public speech as monarch today. “As my heir, William now assumes the Scottish titles that mean so much to me,” the King said. “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. With Catherine by his side, our new Prince and Princess of Wales will, I know, continue to inspire and guide our national conversations, helping to bring the marginalized to the center where vital help can be given.” A royal source tells BAZAAR.com that the couple intend to “deepen the trust and respect of the people of Wales over time” and “will approach their roles with the modesty and humility they have previously approached the job their”. And while Princess Kate “appreciates the history associated with this role,” she also wants to “look to the future as she creates her own path.” They are not the only ones who received a new title. Camilla, formerly known as the Duchess of Cornwall, is now officially the Queen’s consort. Prince Harry and Meghan Markle’s children, Archie and Lilybet, also have the right to be called prince and princess. Buckingham Palace announced yesterday the death of Queen Elizabeth II, the longest-reigning monarch in British history. “The Queen passed away peacefully at Balmoral this afternoon. The King and Queen Consort will remain at Balmoral this evening and return to London tomorrow,” the statement said. Chelsey Sanchez is an Associate Editor at HarpersBAZAAR.com, where she covers pop culture, politics and social movements.