03/08/2011 AT 09:30 AM EST
Call it the ultimate wedding gift.
When Prince William
and Kate Middleton
exchange vows on April 29
, the experience will be life-changing in more ways than one – the newlyweds may get new titles from the Queen.
Currently, William, 28, is not a duke – his full name is Prince William of Wales. If he is to get an upgrade on his wedding day, though, his options may be a bit limited.
Clive Cheesman of the College of Arms in London, which advises on royal titles, says there are three titles up for grabs: the dukedoms of Clarence, Cambridge and Sussex. None of these titles have any notable connection to the prince, aside from their seniority.
"Prominent titles that have been given to the sons and grandsons of the Monarch in recent generations include Cambridge, Clarence and Sussex – all of which would be eminently suitable," Cheesman tells PEOPLE.
So where does that leave Kate?
History only hints at a title for the princess-to-be, 29. In the last royal wedding in 2005, Prince Charles' wife, then known as Camilla Parker Bowles, picked up his title, making her the Duchess of Cornwall.
Another possibility is that William may not take on a new title at all.
Upon the Queen's death, William will automatically inherit the title of Duke of Cornwall from his father, who would then step up to the throne. Once Charles settles into his crown, he will also pass on the title of Prince of Wales to William.
"It might be considered that it is just not worth having a title for what would only be a few years," a palace insider tells PEOPLE.
But it's also a sign of respect for Prince Harry
, who will not be inheriting these grand monikers, the insider says.
Should William skip out on new title with his marriage, he'll be freeing one up for Harry. And the royal family will want to reward the younger prince with something of status, as he is next in the line of succession to the British throne.
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