Prince Charles
Prince Charles waves as he attends the Royal Cornwall Show on June 7, 2018 in Wadebridge, United Kingdom. Getty Images/Time Rooke

Prince Charles is reportedly preparing for his eventual role as king, which involves taking over his mother Queen Elizabeth II's £533 million ($679 million) estate.

When Prince Charles ascends to the throne after Queen Elizabeth II dies or abdicates, the Duchy of Lancaster will become one of his responsibilities, as well as one of his sources of income, Express reported. And by taking over this private estate, which would significantly increase his wealth, he would inherit the title Duke of Lancaster on top of being king.

Since 2014, Prince Charles has reportedly been attending meetings for the Duchy of Lancaster, which provides a whopping $25 million to the sovereign every year. And the heir to the throne apparently held another meeting for the private estate at his home, Clarence House, this time attended by his wife Camilla Parker-Bowles, according to Daily Star's Nicholas Bieber.

Aside from inheriting the Duchy, Prince Charles and Duchess Camilla will also be required to move into Buckingham Palace when he is crowned king. However, reports previously claimed that Prince William and Prince Harry's father does not want to reside in the palace and suggested that it be transformed into a museum instead.

According to an insider, Prince Charles reportedly has a good reason for not wanting to live in Buckingham Palace, where his mother currently resides.

"He doesn’t see it as a viable future home or a house that’s fit for purpose in the modern world," a source told The Sunday Times. “He feels its upkeep, both from a cost and environmental perspective, is not sustainable.”

Meanwhile, Prince Charles' heir, Prince William, is reportedly also busy preparing for his new responsibilities after his father ascends the throne. Upon the crowning of his father as king, Prince William will take control of Prince Charles' $1.2 billion estate.

Reports claimed that Prince William has already attended two meetings this year regarding the Duchy of Cornwall. According to one royal commentator, the second in line to the throne may have to take on his new responsibilities soon and thus needs all the preparation he can get.

“I think it is important to say that just like his father, William is also preparing to become King. There is no chance that William will be Prince of Wales for more than 60 years," Royal Central editor Charlie Proctor told Daily Star. “As such, he must also learn the ropes because his time on the throne may come sooner rather than later.”