As per the tradition of the Royal family, Prince Charles, eldest son of Queen Elizabeth, is now the King of Britain.
The Palace also put out a statement by the King on the passing away of the Queen. Charles said the death of his beloved mother was a moment of the “greatest sadness” for him and all his family members.

Prince Charles tweeted immediately after he was declared the King:

Prince William will likely become the Prince of Wales/Duke of Cornwall and his wife, Kate Middleton, the Princess of Wales, following the death of Queen Elizabeth on Thursday. Prince William held title of Duke of Cambridge before the Queen’s death.
The title ‘Prince of Wales’ is reserved for the heir apparent and was held by Charles, now King.
The title of ‘Princess of Wales’ was last held by Princess Diana because Duchess Camilla, wife of Charles, chose not to use it out of respect.
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