Yes and no. Here's a list of what can and cannot be updated.
What you can change:
- Add/remove members-only content.
- The name of the membership.
- Which email domains are able to sign up.
- Any page redirects (after signup, login, or logout).
- The setup fee.
What you cannot change:
- If the membership is free or paid.
- The price.
- Billing frequency.
- Free trials.
Keywords: edit a live membership, edit a paid membership, edit an active membership, etc.