  We present time-dependent models of the accretion disks created during
compact object mergers, focusing on the energy available from accretion at late
times and the composition of the disk and its outflows. We calculate the
dynamics near the outer edge of the disk, which contains the majority of the
mass and sets the accretion rate onto the central black hole. This allows us to
follow the evolution over much longer timescales than current hydrodynamic
simulations. At late times the disk becomes advective and its properties
asymptote to self-similar solutions with accretion rate dM/dt ~ t^(-4/3)
(neglecting outflows). This late-time accretion can in principle provide
sufficient energy to power the late-time activity observed from some
short-duration gamma-ray bursts (GRBs). However, because outflows during the
advective phase unbind the majority of the remaining mass, it is difficult for
the remnant disk alone to produce significant accretion power well beyond the
onset of the advective phase. Unless the viscosity is quite low (alpha ~1e-3),
this occurs before the start of observed flaring at ~ 30 s; continued mass
inflow thus appears required to explain the late-time activity from short GRBs.
We show that the composition of the disk freezes-out relatively neutron-rich
(electron fraction Ye ~ 0.3). Roughly 1e-2 Msun of this neutron-rich material
is ejected by winds at late times. During earlier, neutrino-cooled phases of
accretion, neutrino irradiation of the disk produces a wind with Ye ~ 0.5,
which synthesizes at most ~ 1e-3 Msun of Ni56. We highlight what conditions are
favorable for Ni56 production and predict, in the best cases, optical and
infrared transients peaking ~ 0.5-2 days after the burst, with fluxes a factor
of ~ 10 below the current observational limits.
