Before anyone asks, since I know it will come up, Prince Charles is now the Duke of Cornwall and Edinburgh (Duke of Rothesay and Edinburgh in Scotland).

Yes, the intent is that Prince Edward, Earl of Wessex will eventually get the Edinburgh dukedom. But when George VI created the title for Philip, it was created traditional, male-only inheritance. The Queen cannot unilaterally revoke a peerage, and Parliament would only do so for good cause and likely a trial.

Yes, Charles could disclaim the title. But then it would go in abeyance until Charles dies, at which point William would inherit. It’s not clear what would happen to the title if Charles formally disclaimed it and then became king.

But what almost certainly will happen is that when Charles becomes King, the title merges with the crown, meaning it is a available for Charles to grant to his brother.

In the meantime, I expect Charles to be continued to be referred to as The Prince of Wales, or sometimes the Duke of Cornwall or Duke of Rothesay. Likewise, although Camilla is now the Duchess of Cornwall and Edinburgh, I expect her to continue to use the styles Duchess of Cornwall or Duchess of Rothesay.