Dynamic storage policies, or updating storage policies

I have a customer with a use case where they would like to archive everything older than 1 year to a different storage location. Do they have to update the storage location policy periodically to move the range, or can they set a function like CURRRENT_DATE - INTERVAL '1 YEAR'?
Also, if storage policies overlap, is there a precedence order to resolve where data lands? Or is there something preventing overlap?