Well, for starters, if you own real estate the title to your property is clouded when you die. There has to be a probate proceeding to officially record who inherited your land. If you die without a will it means your wife is going to have to go through a probate proceeding called an "administration" that is going to be more trouble and expense than she would have if you had a will. In other words, spend a little now to have a will done or your wife or kids will have to spend a whole lot more after you die to try and clear up the title to the property. The same is true if you own stock. No company is going to transfer that stock to your wife or kids until there is a probate court order declaring they are your heirs. Your wife needs a will too or you are going to have the same problem if she dies first.

While you’re at it, have powers of attorney done for you and your wife. This will give each of you the power to act for each other in case you become disabled (like developing Alzheimer’s Disease). If you become disabled without a power of attorney your wife would have to hire a lawyer and go to court to have a guardian appointed. You can save a lot of money, time and expense by simply having a power of attorney done now. After you become disabled, it’s too late to do a power of attorney.

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