Wedding bells will ring for Prince Harry and Meghan Markle in May!

The couple, whose engagement took the world by storm yesterday, have decided on a venue and month for their nuptials. Kensington Palace announced the British prince and the American actress will marry at St. George's Chapel at Windsor Castle in May.

St. George's Chapel is where Prince Charles and the former Camilla Parker Bowles received a blessing from the Archbishop of Canterbury after their civil ceremony in 2005, and where Prince Edward married Sophie Rhys-Jones. It is a smaller venue than Westminster Abbey, where Prince William and the former Kate Middleton wed in 2011, and St. Pauls's Cathedral, where Harry's parents got married.

A spokesperson said that Prince Harry and Markle are planning their own wedding, which will be paid for by the royal family (including the church service, flowers, music, and reception).

Markle will be baptized and confirmed into the Church of England before the wedding, and also become a British citizen. The couple will also begin carrying out charitable engagements together this week.

The wedding is expected to be a star-studded affair, and many are hoping for the attendance of Markle's famous friends, including Serena Williams and Priyanka Chopra. It also seems likely that the "Suits" star will invite her cast members, who tweeted their delight with the engagement.In their first joint interview, Markle confirmed she is retiring from acting and starting a "new chapter."

"I've been working on my show seven years, we were so fortunate to have that longevity," she said. "I've ticked this box and am very proud of the work I've done there and now it's time to work with [Harry] as a team."