The various versions - HOME, TRIAL - are essentially the same program - with specific features enabled/disabled. The Masters (Professional) edition is full featured.
For licensed users upgrades are free for up to six months from purchase date. After that, VP will continue to fully function but a fee will be required in order to register the newest. Retain your old install file and registration info.
There is no mandate to upgrade, though there may be prompts. Generally it's best to stick with what works for you and export with the version - or a close relative - to the one that creates a project.
You can always test drive newer, unlicensed releases, to see if they offer additional features ... or present any glitches. _