Populating a field in one entity from data in another entity

Hello.

We are using the Main Account Entity form and have added an option set field called "Membership Status". Membership Status has three options "Full Member", "Part Member" & "Non Member". In the Contact Entity form we have the same field.

When we assign an Account to a Contact using the "Account Name" lookup we wish the "Membership Status" in the Contact form to update and be the same as the "Membership Status" in the related account.

We have used a Quick View form from the account entity to achieve this which will display the "Membership Status" against the Contact but this field is not available to query in advanced find in the contact entity.

In Summary, how do we populate a field in the contact entity with the same data as appears in a field in the account entity without using a Quick View.

Thanks in advance

John