Using available OOTB functionality, I could see a sub-type WTDocument with an Advanced Lifecycle and Workflow attached. The Workflow for the State in question could hvae a timer that evaluates expiry date against current date and any offset specified and generate a Workflow Task to a responsible Role to refresh and resubmit.
Would require some minor Java code in the Workflow to access IBA's on your WTDocument and to do Date math.
The thing that I am unable to speak to is performance implact with a bunch of documents with running workflows with timers embedded. But with this apprach there is no deep customization.
The better solution would be one developed by PTC that you could schedule like publishing to evaluate Document Obejcts for expiry and take some form of action or generate a report.
Effectivity (Effective Date) ties in more to the front end... i.e. when a Document should be available for use and start being used