Plain text files (.txt format) don't contain any font or paragraph attributes; all they contain in plain text.
You could link a Word document to such a file via Insert|Object>Text from file, using 'Insert as link'.
Linked content that has been inserted this way can be edited in either the source file or in the destination document. When making edits in the destination document, they can be propagated to the source file via Ctrl-Shift-F7; unless you do that, the edits will be lost immediately the link is refreshed.
The linked content cannot be made to inherit the properties of whatever you insert it into.
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Cheers,
Paul Edstein
[Fmr MS MVP - Word]
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