Making a solution of the formation of a wormhole isn't too hard (I'm lying, it is hard), but whether or not that's a reasonable solution is a different matter.
The simplest case is to just consider the case of the collapse of a wormhole in reverse. Take a spacetime that is originally just two copies of $\mathbb{R}^3$, and at some point, remove a point from both copies. That point will then grow in size, to an open ball, on which you can identify the boundaries (this will only work for a ball of radius $> 0$, so the initial singularity is indeed a singularity).
This is entirely artificial, but it does illustrate some of the problems. While there is nothing fundamentally wrong with this solution, you can just ask why the singularity would develop in such a way that the edges would identify, instead of simply remaining a singularity, or even appearing at all.
By the various theorems relating to spacetime topology, any such change in topology will be in some way unpalatable. It will either involve closed timelike curves or singularities in some way. In particular, by Geroch's theorem, it cannot be globally hyperbolic. If your spacetime isn't globally hyperbolic, there is also no guarantee of the uniqueness of development. There exists a theorem saying that any spacetime developping closed timelike curve also has a possible development without them, and I suspect the same may be true for wormholes.
A possibility that goes back to the very origin of wormholes in the 1950's is the microscopic structure of spacetime. Some theories have it that quantum gravity, along with having a sum over every possible metric (in the path integral formalism), there may also be a sum over topologies, and spacetime may simply evolve wormholes at that scale naturally. In other words, we may get something like
\begin{equation}
Z = \sum_{M \in \mathrm{Top}} \int \mathcal{D}g \exp[i \left(\int_M (R_g + L_M) d\mu[g]\right)]
\end{equation}
Whether that is accurate, and whether this allows for the production of traversable macroscopic wormholes is another matter.