To change the name or description for a task, open the task by clicking on the task name.
Scroll down and click on the 'edit description' toggle.
You can now edit the task name and task description.
Then click on Save.
Note that you have all the formatting options (except for tagging another user - which is just for use in notes). you can highlight the text you type to get some formatting options (bold, italics, link), or hit the forward slash '/' or click on the '+' icon for the current text block to get options like - check boxes, bullet points, headings) or click on the two vertical columns of dots next to the '+' icon to move the text block up and down or delete it.