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Fork statement entered our agenda with BitcoinCash in crypto world. The Bitcoin transfers were extremely slow, and the transfer fees are expensive, causing the rumors that the BTC code and transfer structure should be updated.
If you define fork, it is said that new features are added to coin transfer networks and that a new coin supporting these features comes out.
The good thing about us is that the current transfer network-blockhain network is copied so that the amount of coin that is in your wallet is given to you if team decided it to be so. 
For simpler examples, if you have 0,5 btc in your wallet, you will have 0.5 bch after fork of bch. 

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What is HardFork and Softfork? The fork team that claims to be better than the first with HardFork update is claiming that the main transfer network is its own. Softfork has updated for coin, but it is not assertive.

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Hardfork example for btc is segwit2x that claims to be better than btc. 
Softfork example is bitcoincash.
The benefit of forks to us is a free coin. However, not all exchanges support fork. The reason is that exchanges demand very high fee to process a coin on its own stock exchange.
The forking takes place on the block number. For example, the team announces that fork will occurs in 505 688. blocs. You can track the number of btc blocks from https://blockchain.info/ and you need to keep them on btc in your wallet before you reach the number of blocks announced by the fork team.
You can track fork dates at https://coinmarketcal.com/.