Only the list creator can change the list title but the new list title will appear for all collaborators of that particular list.
Rename List on the Web
Go to People> Lists> Choose your list>Actions> Rename List
Rename List on the App
- Find the list you want to change the name of > tap the options button
2. Select Rename List and type in the new title for your list
3. Type in the name of your new list and Save