The article deals with the controversial problem of "usurpation" of power by queen Hatshepsut and evolution of her political status from queen-regent to pharaoh and senior co-ruler of her nephew Thutmosis III. The author asserts that Hatshepsut's accession can not be viewed as an unprecedented "usurpation" but should de regarded as the logical consequence of her status as the elder representative of the royal family and queen-regent. The special attention is drawn to the strange coexistence of male and female grammatical endings in royal titles and epithets on Hatshepsut monuments.