Click mail/preferences from the top menu bar
select the email account to edit under the accounts heading
click account information
enter your new password in the password field
Close the preferences window
click save when prompted
Click mail/preferences
select the email account to edit under the accounts heading
select edit smtp server list from the outgoing mail server dropdown box
select the smtp server under server name for the email account you are editing
click advanced
enter your new password into the password field
click OK
close the mail preferences window
click save when prompted
Close then relaunch the mac mail app