If the point is in the knees or elbows, I like to use a 'knee' or 'elbow' bone that has a constraint to rotate it half the distance as the lower limb. Then I point bind the inside and outside point of the joint to this bone. This way, the joint holds its volume when its bent. This is simpler and usually cleaner than setting up a Smart Bone action to correct the joint deformation. (This is a trick I learned from Victor a while back; somewhere I believe he has a video explaining it.)
After the joint is setup, I use Shy Bone on the 'knee' and 'elbow' bone to hide it because I don't want the animator to ever touch this bone.
If the joint is fairly straight, you might consider using Smooth Joint. This is very simple and it introduces a fun way to 'spin' your limbs. You can see this in action in the 'Puss In Boots' footage I animated a few years ago:
'Puss-In-Book' Interactive Episode