Ability to configure automated status logic

For almost all our workflows, a parent record's status is dictated or a reflection of it's child record's status - similar to how the progress of a parent record is an aggregate of it's child records and that functionality.

I would like the ability to configure status logic between parent and child records, which would ultimately reduce touch time and improve data quality for upstream reporting, by allowing product owner to focus updating statuses at the lowest level of their work items.

For example, Once all the requirements of a feature have been marked 'Ready to ship' the features status automatically updates to 'Ready to ship.' and once all the features within a release status's are in 'Ready to ship' the releases status is marked 'Ready to ship.'

The ability to configure this automation at any level of the hierarchy and furthermore ability to make in inheritable at parent levels would be awesome.