http://en.wikipedia.org/wiki/Brake_fluid
"Most automotive professionals agree that glycol-based brake fluid, (DOT 3, DOT 4, DOT 5.1) should be flushed, or changed, every 1–2 years.[2] Many manufacturers also require periodic fluid changes to ensure reliability and safety. Once installed, moisture diffuses into the fluid through brake hoses and rubber seals and, eventually, the fluid will have to be replaced when the water content becomes too high. Electronic testers and test strips are commercially available to measure moisture content. The corrosion inhibitors also degrade over time. New fluid should always be stored in a sealed container to avoid moisture intrusion.
DOT 5 is silicone fluid and the above does not apply. Ideally, silicone fluid should be used only to fill non-ABS systems that have not been previously filled with glycol based fluid. Any system that has used glycol based fluid will contain moisture, glycol fluid disperses the moisture throughout the system and contains corrosion inhibitors. Silicone fluid does not allow moisture to enter the system, but does not disperse any that is already there either. A system filled from dry with silicone fluid, does not require the fluid to be changed at intervals, only when the system has been disturbed for a component repair or renewal. The United States armed forces have standardised on silicone brake fluid since the 1990s."