Altering image field widget “alt” or title" label

For altering the "Title" and "Alternate Text" textfields of an image field we have to add an extra Proccess function for the widget form.
// Alter image Title for field_top_image instance
function MYMODULE_field_widget_form_alter(&$element, &$form_state, $context) {
  // If this is an image field type of instance 'field_image_top'
  if ($context['field']['field_name'] == 'field_image_top') {
    // Loop through the element children (there will always be at least one).
    foreach (element_children($element) as $key => $child) {
      // Add the new process function to the element
      $element[$key]['#process'][] = 'MYMODULE_image_field_widget_process';

function MYMODULE_image_field_widget_process($element, &$form_state, $form) {
  // Change the title field label and description
  $element['title']['#title'] = 'NEW TITLE';
  $element['title']['#description'] = 'SOME NEW DESCRIPTION HERE.';

  // Return the altered element
  return $element;
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