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I haven't been part of a new Era change but when a new era become avaiable, should I transfer my ADA to the latest wallet? i.e. from a Shelley to a Goguen wallet.

What is the process that I should perform and risks involved?

What happen if I don't do this?

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  • Good and valid question. This was necessary for Byron to Shelley but most likely will not be the case going forward. See Marek's answer. Commented Jun 1, 2021 at 2:00

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There is nothing you need to do, thanks to the hard fork combinator, hard forks are entirely transparent to the users!

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