You definitely want to change the Will. The Will only applies to assets titled in your name alone. So if you have everything joint with your wife, then she would receive it, in spite of the existing Will. But if some of your assets are in your name alone, then she would need to elect to take against the Will, take as a pretermitted spouse, or let your friend have the property. If you intend to have your wife at the front of the line, then you should redo the Will. You also want to make sure you have durable power of attorney forms in place, so you can take care of each other if either one of your becomes incapacitated.
Answered on Mar 11th, 2013 at 2:37 PM