Automation that pulls parent information when child field created

What is the challenge?

Currently passing fields from parents to children (epic to feature or initiative to epic) can only be done when the parent is updated. This means when you create an epic under an initiative the fields are not automatically updated, only when the initiative is updated do they "trickle down"

What is the impact?

Less manual entry fields, higher fidelity of data, better alignment of fields at different levels of the organisation

Describe your idea

Automation logic should allow, "When a <record type> is created -> update the field based off the related record"