Updating Content Library Items

Hi,

If I have a content library block already saved within several templates, is it possible to simply update the block within the content library e.g. update text, and this update then pushes out to the linked templates? I essentially want to use what is in the content library as a master block, and any updates are reflected in the templates. Otherwise, I would need to update every single template manually if a change is made to a common block.