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Reports are circulating that mogul Jay-Z will take his wife Beyonce Knowles’ last name in an effort to maintain her family’s legacy.

The power couple, who wed in a private ceremony in April 2008, will exchange surnames. Jay-Z, real name Shawn Carter, will now be known as Shawn Knowles-Carter. Beyonce will keep Jay’s last name and remain Beyonce Knowles-Carter as listed on the wedding certificate.

According to an anonymous source, the move will ensure the Knowles name lives on, since Beyonce’s parents have no sons, and Beyonce sister Solange Knowles’ son Daniel Julez Smith, Jr carries his father’s last name.

“They want to keep Knowles because Beyonce’s parents didn’t have any sons and they’re keen to keep the name going strong, especially if they don’t produce any children themselves,” the source stated to the UK’s Daily Star.

Beyonce’s parents Tina and Matthew Knowles are currently going through a divorce after 29 years of marriage. Both parties have stated the separation will be private and joint business ventures would continue.

Jay-Z concluded his year with the success of his latest album Blueprint 3. The LP spawned the hit single “Empire State of Mind,” earning the Brooklyn superstar his 11th #1 album and breaking Elvis Presley’s record.

At press time, Jay-Z and Beyonce are enjoying a holiday vacation in the Maldives.