checking on how to wire two switches for ceiling fan
I would like to move a wall switch that controls a ceiling light. When I do it I want to wire for a ceiling fan and have a separate switches for a fan and the fan light. From the new switch box run a three wire with ground to a fan rated box in the ceiling, pigtail the hot black wire to the 2 switches and use the black to control say the fan and the red wire to control the fan light. Commons and grounds would be joined in the switch box.
I can cut and splice the present hot wire in an exposed junction box and run the wire to the new switch box. I would remove the old switch box but am unsure what to do with the inactive wires in the wall.
Am I correct in my assumptions and what do I do with the inactive wires?