More than 200 guests have been invited to the naming ceremony, which will take place outside the boathouse at the end of Beach Road on Sunday (11am).
Peter Wilcox is the 12th D-class inshore boat to be stationed at Wells since this type of boat was first introduced in the early 1960s.
She replaces the previous D-661 Jane Ann III which left the station to return to the RNLI, to serve in the relief lifeboat or training fleet.
D-661 was on station for almost 10 years, launching on service 223 times and was the third boat in sequence to carry the Jane Ann name, covering a period of 28 years.
The new lifeboat has been funded by Jane Wilcox, the widow of the late Peter Wilcox, along with his family and friends.
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