Parents wills worded around "discretionary trust fund" - should they update?

Peterrr

Hi all. Trying to help my parents determine whether their wills remain appropriate or if they would be better to write new ones... Happily both remain of sound mind but being octogenarians they are wanting to ensure their affairs are in order.
They have mirror wills written by a solicitor in 2007 (English law) which make reference to "the Nil-Rate Sum" going into a "Discretionary Trust Fund" managed by the surviving spouse and offspring (my sibling and I). My parents recall the solicitor advising such was the most appropriate and tax-effective arrangement, but laws may have since changed. Their wishes are simply to leave to each-other and upon the second death, equally between my sibling and I. Everyone agrees that a straightforward approach is desirable, even if such means paying some IHT. Their total estate consists almost entirely of their home, and is possibly approaching the £1m nil rate band (including residence) for which we believe they would qualify.
So are new wills recommended? Thanks in advance for any advice.

xylophone

https://www.battens.co.uk/insights/my-will-has-a-nil-rate-band-discretionary-trust-in-it-should-i-change-it#:~:text=If there are vulnerable beneficiaries,manage it for the beneficiary.

Above may be of interest.

Peterrr

Many thanks for your helpful answer Xylophone - especially considering I mistakenly posted it in entirely the wrong sub-forum!

Albermarle

Can add to the above that Trusts can complicate situations, and cost money and time to administer.
So if they are not needed, then definitely get them removed from the wills.