Inherit Styles from objects?

I thought I read somewhere that you could inherit styles from objects?   So if you draw a square, change the color to a light blue square with no border and you draw a second box, it should be light blue with no border. 

I am unable to make that happen. Am I wrong? Is this possible?

Or is this only with selected text from a 'style guide' where it picks up the same attributes.

- Ed