Place function for Adobe Illustrator.

Hi everyone, I have a question. If we use the 'Place' function (File > Place) to insert an image, and then if we make edits to that image,  Illustrator will automatically update the placed image with the edited version right? My question, is there a similar method to place text content from Microsoft Word (File > Place > Microsoft Word), so that any changes made to the Word file will automatically update the design in Illustrator with the edited text?

Thank you.