The Prince of Asturias will be proclaimed as King Felipe VI within the next two weeks, as the organic law makes its way through the Cortes. The date could be June 18, but nothing has been announced. Felipe will become king the moment his father signs the act of Abdication,.
The new Royal Family will consist of King Felipe VI, Queen Letizia, the Princess of the Asturias, Infanta Sofia, and King Juan Carlos and Queen Sofia.
Felipe's two older sisters, Infanta Elena and Infanta Cristina, will cease to be members of the Royal Family, which means they will no longer carry out official engagements. The two sisters will not lose their royal titles or their dynastic rights, but they will be in the same position as King Juan Carlos' two sisters, Infanta Pilar and Infanta Margarita, who are members of the King's family.)
Juan Carlos's two sisters did lose their rights when they married, and their descendants do not have succession rights to the Spanish throne.
Infanta Cristina and her four children live in Switzerland. Infanta Elena and her two children live in Madrid. She has continued to carry out official engagements on behalf of the royal house, but her official work will cease when her brother becomes King.
The official swearing-in ceremony will take place some time in July. It will not be a coronation, but the crown will be on display during the installation, where the new King Felipe VI will agree to uphold the constitution.