(1) On appointment of a limited guardian, guardian, limited conservator, or conservator, or at any time thereafter, the court may designate another suitable person or entity to assume the powers and duties assigned to the limited guardian, guardian, limited conservator, or conservator upon his death, resignation, removal, or incapacity. Prior to such designation, the individual or entity to be designated shall file with the court a written application stating the name, address, and qualifications of the applicant and his relationship, if any, to the respondent.
(2) The individual so designated shall file an acceptance with the court within ten (10) days of the death, resignation, or incapacity of his predecessor. Notice shall also be given to the ward and his nearest adult relative. An individual serving on a standby basis may exercise all the powers and duties assigned to his predecessor upon filing of his acceptance unless otherwise ordered by the court.
(3) In an emergency situation and in the absence and unavailability of the initially appointed guardian or conservator, the standby guardian or conservator may temporarily assume the powers and duties of the initially appointed guardian or conservator.