Templates: Master - Child

I’d like to submit an idea for a Master - Child template.  This is the context:

1. I create a Master Template
2. I use the Master Template for a specific project
3. As I update the master template, the additions e.g. sticky note shows up on the child template i.e. the specific project and alert me to update those new additions e.g. sticky note etc.

Is this a feature that is available today?