The Spanish Monarchy is being shaken up in favor of young blood. 

King Juan Carlos, 76, had ruled Spain for 39 years but announced during a televised event on Monday that he will soon be abdicating the throne. Carlos also told viewers that his handpicked successor would be his 46-year-old son Crown Prince Felipe de Borbon. 

Hailed by his father as a leader for the "new generation," Borbon's current role has led him to represent Spain at important functions, like swearing in ceremonics for Latin American presidents, since 1996. Carlos also said that his son "has the maturity, preparation and sense of responsibility necessary to assume the title of head of state and begin a new era of hope which combines the experience and momentum of a new generation."

The Spanish people also like Prince Felipe. He's seen as more progressive and accessible than the King. Another reason why Felipe's image is so sterling is his marriage to Letizia Ortiz, a commoner working as a television news anchor. His modesty is appreciated and admired.

The Crown Prince hasn't lived a bad boy lifestyle either. He studied at Lakefied College School (known as high school in the States) in Ontario, Canada, for a year. He then attended Autonomous University, in Madrid, and received a law degree. The Crown Prince finished up his education here in the States with a master of science in foreign service degree from the prestigious Georgetown University.

Felipe even honored his partial Greek heritage (on his mother's side) by participating in the 1992 Summer Olympics in Barcelona as part of his nations Sailing Team. Spain placed a respectable sixth in the event.

Felipe also hasn't been marred by scandal. King Juan Carlos has taken a lot of heat for his role in a hunting expedition he went on in Africa. The King killed elephants for sport and posed with their lifeless bodies after the fact. Thus, news of the Kings abdication shouldn't come as a complete surprise.

"His goal, his only goal, is to serve Spain. It has been deeply ingrained in him that he must be the country's main servant," the Prince's mother, Queen Sofia, previously said.

Just take a look at what Prince Felipe said during a 2011 speech in Barcelona:

"I want to put into practice my firm and constant desire to adapt the institution to the times we are living in at each moment, leading a project that links our history with the future and that encompasses our traditions with a forward-thinking, progressive spirit."

And, in 1999, the Prince said that the monarchy is all about serving the people.

"We're a type of public servant that must be at the service of your country at any hour of any day of the year," he said. "All my life has been directed at that."

If he reaps what he sows, then Spain should be well served in the decades to come.

What do you think about this announcement? Do you believe Felipe will be a better leader than his father? Let us know in the comments section below.