Good morning, 

Currently for LEADS we have a field that is "Lead status" and we have another field which is "Decline Reason".
When a user selects the Lead Status to be "Declined" it will prompt a required field for "Decline Reason" so they can select the reason.

We are looking at changing the options listed under "Decline Reason" moving forward, but I would like to know what happens to the existing leads that have the old options?

Eg: If the current options under 'Decline reason' are:
- Affordability
- Banking Conduct
- Dishonors

Questions:
1 - If I was to rename one of the above, would it update all of the current Leads that have that decline reason to reflect the new name?
2 - If I was to Delete one of the above reasons, what would happen to the Leads that currently have that under their Decline Reason? Would it be cleared, or would it remain but you would not have the option to chose it as a decline reason currently for any new leads as it has been deleted?

3 - Is there a more streamline way to introduce new options without deleting the existing information in the field for previous leads?

Thanks!