No, it shouldn't! Do this...once you attach your iPad to the computer, open it into iTunes. On the left side panel, you should see your iPad under your list of devices. You'll want to put your curser over the iPad and right click your mouse...that will bring up a few choices and you'll click "Backup my iPad", and it will take care of it for you! Everything will still be on the iPad when it's done...it will just make an "image," or a "copy" of the devices contents. Then you can either continue to use the iPad, or do your software update, confident that if something goes wrong with the update, you'll know you can revert back to that copy, if you need to! Good Luck!