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Most document management systems allow an individual or the system to set a default expiration – like 90 days – and then they send an email reminder to the doc owner that their documents are about to expire – can SharePoint do this?

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Yes, there is an information management policy setting that you can bind with a document library. Inside information management policy, you can set retention policies where expirationfor documents can be set for a particluar period.

The policy can be set to delete all the documents if it reaches the particular period or a workflow can be started, where an email can be triggered to particular users, may be the person who has created the document itself.

You can find detailed implementaion with screenshots from the following blogs -

http://blogs.msdn.com/b/mvpawardprogram/archive/2011/10/03/applying-document-retention-in-sharepoint-2010.aspx

http://weblogs.asp.net/sreejukg/archive/2010/11/11/retention-policy-for-document-library-in-sharepoint-2010.aspx

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Is it work with SharePoint's List? –  porterneon Feb 1 '12 at 9:54
    
Yes, you can create a retention policy directly on a list or library itself. Please read the msdn article that I have attached to get an idea what all different functionalities are possible. –  Deepu Nair Feb 1 '12 at 9:58
    
I got it thank you. –  porterneon Feb 1 '12 at 10:04
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