I would say keep a backup and then save the templates in SW2014. Though you don't need to but would be better. BTW templates won't update automatically when making new drawings.
Brad, you're going to want to open and re-save your templates in 2014 (Deepaks suggestion that you back them up first is good advice)-the reason being, SolidWorks takes longer to open a file from a previous release than a current one because it has to update he file to the current schema.
For that reason, it will take longer to create a new document from a template that was last saved in an earlier release of the software.
Additionally, in some cases the new document dialog box will take longer to display if it has to read files from a previous release. You'll notice about a 5 second delay beteween clicking the new button and the template dialog displaying if you have 8-10 document templates.