If your set up is anything like older cars, packing the bearings is simple, quick, and will possibly save future damage. You have to remove them and clean out the old grease, both from the bearings and the hub/spindle. That old grease traps all kinds of nasty things like dirt and metal shavings and that is what chews up parts.
Take it apart and use mineral spirits or gasoline to clean the parts real well. Then inspect the bearing rollers and the race. If there is any scapes, scuffs, discoloration, or anything that just doesn't look right, replace both. Pack the bearings and coat the spindle with a good quality EP (extreme pressure) wheel bearing grease and you should be all set.
Just because theres grease in there, it doesn't mean its any good. And I generally do this every couple years, but more often if you're running through alot of mud or water. Old Grease can not only cook the bearings, but if left go to long , can damage the hub and or spindle. And that will cost alot more than a can of grease.