Since the 14th century, the title has been a dynastic title granted to the heir apparent to the English or British monarch, but the failure to be granted the title does not affect the rights to royal succession. The title is granted to the heir apparent as a personal honour or dignity, and is not heritable, merging with the Crown on accession to the throne. The title Earl of Chester is always given in conjunction with that of Prince of Wales. The Prince of Wales usually has other titles and honours.
The Prince of Wales is the heir apparent of the monarch of the United Kingdom. No formal public role or responsibility has been legislated by Parliament or otherwise delegated to him by law or custom, either as heir apparent or as Prince of Wales.
The current Prince now often assists the Queen in the performance of her duties, for example, representing the Queen when welcoming dignitaries to London and attending State dinners during State visits. He has also represented the Queen and the United Kingdom overseas at state and ceremonial occasions such as state funerals.
The Queen also has given the Prince of Wales the authority to issue royal warrants.