It's never too early to start preparing a will, experts say. Many people think they should wait until they're older or until they accumulate significant wealth, but that's not necessarily true. This misconception stems from the belief that estate planning, including preparing a will, is primarily for the elderly or the affluent.

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While it's true that the likelihood of death increases as we age, life is unpredictable. Having a will is crucial to ensure that assets are distributed according to one's wish and not left to the state's intestate laws, which vary widely and may not align with the desired outcomes.

"Many people underestimate the value of their assets. They may not consider their home, life insurance policies, retirement accounts, and even personal belongings like cars, jewelry, or furniture as part of their estate. Yet, all these assets can add up to a significant amount. Without a will, their distribution might not align with the individual's wishes," Vishnu Chundi, CEO and Founder, at AasaanWill told CNBC-TV18.com.

Regardless of age or wealth, anyone with dependents should have a will.

"For example, young parents might not have substantial assets but their most important consideration is designating a guardian for their children in case of their untimely demise. Additionally, anyone with assets or dependents should consider having a will. An appropriate time to start might be when you have significant life events such as marriage, the birth of a child, buying a house, or starting a business. As life changes, the will should be reviewed and updated as necessary to reflect those changes," Chundi said.

What numbers tell about current status of will making?

Chundi said that he has noticed an encouraging trend that more and more women are recognizing the importance of estate planning and taking proactive steps towards making will.

"Although historically men have made up the majority of customer base at 78.60 percent, women are quickly catching up, now representing 21.40 percent of customers. As societal norms shift and women increasingly take control of their finances and assets, the need for them to engage in estate planning has grown significantly. Having a will ensures that women have a direct say in the allocation of their assets, whether it's property, investments, or personal belongings," he said.

Process of making a will

The process of making a will typically involves the following steps ( as compiled by Chundi):

Inventory your assets: List everything owned, including property, bank accounts, investments, and personal possessions. Individuals should also note any debts.

Decide who will inherit the assets: This can include family, friends, and organizations. If you have minor children, you'll also need to decide who would take care of them.

Choose an executor: This person will carry out the instructions in your Will. It should be someone trustworthy and capable of handling the task.

Draft the will: It's recommended to work with a lawyer to ensure the document meets all legal requirements. However, for simpler estates, online services or do-it-yourself kits may suffice.

Sign and witness the will: To be legally valid, most jurisdictions require the Will to be signed in the presence of at least two witnesses, who can't be beneficiaries.

Store the will safely: Make sure the executor knows where to find it.

Traditionally, drafting a will involved making appointments and visiting a lawyer's office, which could be time-consuming and expensive. However, digital platforms have transformed this process. The advent of online platforms have significantly simplified the process of will writing, making it more accessible, convenient, and cost-effective.