Field that auto prints date when another field is updated

Trying to created a Primary Contact field on our Accounts / Contacts modules.

The field has a simple Yes/No Drop down... 

I would like another field next to it (Primary Contact updated) that automatically puts the date in if someone chooses Yes for the primary Contact field. 

this is what i have so far but its just not right

isInList(related($contactlist_c,"primary_contact_c"),createList("Yes"))now(),date("null"))

so if primary_contact_c = Yes, then input date, ifelse then null

can someone help me get the right formula for this.