I have an active LabView license for 2018, is it possible to upgrade without having to do anything other than installing the software or do I need to do something else first? Thanks.
Depends on whether or not your license covers LV 2020. Although it sounds facetious, a license for LV 2020 is also good for any previous version of LV, so it's hard to tell. I guess the best way to tell is to go to NI.com and check out the serial number details.
Also, when upgrading LabVIEW versions you may need to update toolkits and add-ons as well. For example, if you're using LabVIEW 2018 with DAQmx 18.0, you will have to update to DAQmx 20.0 after upgrading LabVIEW. I don't know what add-ons you are using, but for most you can find a compatibility table online. Here is an example for DAQmx: