The name of the notification is used as the email subject line, so we recommend giving it a name that is specific and that makes sense to the recipients. For example, for product license about to expire, "Website integration that validates email addresses expires in a month".
Each notification can be sent to all account users, or you can select specific users to receive specific notifications. See here for details on how to see all the users in an account and how to add new users.
You can't edit the Notification type once it's been saved, but you can delete or disable a notification and replace it with a new one.