Joint or individual ownership
'Wolf's and Erica's daughter Faith is a writer...'
Here, because the daughter belongs to both people, only the second name needs an apostrophe, so it should read: Wolf and Erica's daughter Faith is a writer.... Even though the parents of the daughter are distinct individuals, they're treated as a single unit. You'd do the same thing if you were talking about 'Jim and Mary's house...'
But if you were talking about books that two people have written (separately, not as co-authors), each person would need an apostrophe: John Updike's and Anita Desai's novels are widely read... More examples: Gilbert and Sullivan's operettas, but 'Rudd's and Howard's beliefs...'
Apostrophe after 's'
Dickens's, Burns's ... add apostrophe s to any name ending in s (or ce, as in Beatrice's or x as in Marx's). The same applies to names with a final silent s like Dubois's or Illinois's. A possible exception to the rule, to avoid out-of-control sibilance, might be the Smiths' swimming pool.