Answer:
The paste function to use is the Advanced Paste Function that reads Use Destination Theme and Link Data or Keep Source Formatting and Link Data.
Step-by-step explanation:
The first function adopts the Theme (such as colors, fonts, and other formatting) whilst retaining links to the data in the excel workbook. The latter imports the formatting or theme as-is from excel.
In both scenarios, (for as long as both documents are open and are in the same file) when the data in excel is opened and updated, it reflects automatically in the chart on the Microsoft Word document.
Cheers