Yes, you can use the built-in Migrations framework (best solution) or DropCreateDatabaseIfModelChanges. All of these are examples of database initializers (IDatabaseInitializer implementations), the former is more complex but more powerful, the latter is easy to set up but will drop the database when doing modifications. Use the latter as this (other options exist, such as by .config file):
public class MyContext : DbContext
{
static MyContext()
{
Database.SetInitializer(new DropCreateDatabaseIfModelChanges<MyContext>());
}
}