To modify an existing content type, open the Site Settings page, as
explained at the beginning of this article, and click Content Types in
the Galleries section of the page. This selection opens a page where you
can modify content types.
Click the name of the content type you want to change to open the content type’s setting page.
To edit the content type, change any setting available on this page,
including the content type’s name, description, and group; its workflow
settings; its columns; and more advanced settings.
With every setting you change,
you have an option to also update all content types inheriting from the
content type. Updating them ensures that a change you make is also made
to other content types created with the current content type as their
parent. For example, if you add a Birthday column to the Contact content
type and you want the change to also affect any other content types
that inherit from Contact, such as External Contact, select Yes under
Update All Content Types Inheriting from This Type? when adding the site
column (see Figure 1).