If you expect that the survivor of either of you may have a taxable estate, I would see an estate planner. Sarah mentioned the use of bypass trusts to save estate taxes when the survivor dies. A willmaker program isn't going to work through those kind of issues. Also, given that you may have a possible inheritance, and the retirement plan is in your name, I think talking through issues with an estate planner is a very good idea. Your estate planner may want to have you think about different ownership structures or trusts to address potential future estate tax issues.
The health care directive and powers of attorney are boilerplate.
As an aside to FinanceDude, Wisconsin does not require Wisconsin lawyers to sign a will. There are pretty rigid requirements on how a will must be executed in Wisconsin, but a lawyer isn't necessary. (though witnesses, plus a notary, plus some magic language are necessary).
You guys getting wills for $350 are getting off cheap.
Another issue with wills is to be sure to update it as your circumstances or as the law changes. For example, a simple will (everything to the spouse and if spouse is dead, the kids) may be fine when you don't have a whole lot, but if you approach having a taxable estate (either under state or federal law) I would see a lawyer for an update. Or if you start a business. Or if you have a child with special needs. Or if you have a spendthrift child. Etc.
No more lawyer stuff, no more political stuff, so no more CYA