Expiration dates on shared Google documents?

Yes, it's true- You can now set expiration dates on your shared documents within Google Drive.

Whether you have shared a folder or a document with another individual, you can now set an expiration from within the sharing window.  Once you choose who to sharing with and have set their viewing and editing rights, you can hover over their name, causing a small stopwatch icon to appear.

However, expiration dates will only work for users with "Can Comment" or "Can View" access.  Editors and owners have unlimited access to files within Google Drive.  If a user previously had full editing rights, by setting an expiration date, their rights will automatically adjust to "Can View".

By clicking on the stopwatch, you can then set the time limit for how long a user will have access to the document or folder you are sharing.   The default expiration date is for 30 days from current day, but also includes another option in the drop down menu for 7 days.  If necessary, you can choose a custom date, which will allow you to choose from a calendar window. 

The expiration date feature is applicable to everything within the Google Drive suite; Docs, Slides, Spreadsheets, and Drawings.  Sharing within collaborative Google Forms currently does not allow for expiration dates.