Britain's Prince George is just 7 years old, and yet he is third in line to become monarch after Prince Charles and Prince William respectively.

The line of succession is regulated through descent and Parliamentary statute, according to the royal family's official website.

George known by his formal title Prince George of Cambridge is the great-grandson of Queen Elizabeth II, and son of the Duke of Cambridge.

When the Queen dies, Charles will become king. That is unless he abdicates, in which case the throne would go to his eldest son, William.

Therefore George, being the eldest of the three Cambridge children, will be first in line when his father is king.

But the likelihood of that exact scenario playing out is dependent on a number of factors.

If either William or Charles were to pass away before Queen Elizabeth's reign was over, this wouldn't decrease George's likelihood of becoming king.

"There is nothing to prevent William becoming king, other than his own premature death," Robert Hazell, a professor of government and the constitution at the University College London, previously told Insider.

Prince Charles with his sons Prince William and Prince Harry. Getty Images

In the unlikely scenario that 71-year-old Charles outlives his son, Prince Harry wouldn't take William's place in the line of succession. The spot would automatically go to Prince George, and then subsequently to his children if he had them.

If he didn't have children, Princess Charlotte would be next in line, followed by Prince Louis. This is due to The Succession to the Crown Act (2013) which means royal males born after 2011 do not automatically overtake their sisters in the line of succession like they used to.

"If William were to die before Charles, then on the death of Charles, Prince George would become king," Hazell said.

Nonetheless, this is all dependent on whether George actually wants to become the next monarch or whether he wants to be a working royal at all.

The last monarch to abdicate was Edward VIII, who ruled Britain for almost a year from January until December 1936, when he proposed to American divorcee Wallis Simpson. Since Edward didn't have children, the throne was passed to his younger brother, George VI (father of our current Queen, Elizabeth II).

Of course, the monarchy has evolved since then, and George's position wouldn't be affected by his choice of life partner.

Nonetheless, he could still choose to abdicate for other reasons.

Just as Meghan Markle and Prince Harry stepped back from royal duties to pursue financial independence for themselves and their son Archie, George will have the option to do the same if he so desires.

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