It only works when an author has a big series going, and they know they're dying. Robert Jordan's Wheel of Time comes to mind. He was dying, but he wrote out an extensive outline of how he wanted the series to conclude. Someone named Brandon Sanderson wrote the final 3 books, and from reviews I've read, did a bang up job.
But just to essentially rent out your name because you're not too lazy to write nothing but an outline? Lame.