My spouse had a gambling problem, while he has not gamble for a few years any depression episode can cause him to relapse. Can I have a secret life insurance policy with the beneficiary as my brother so he can help my daughter just in case my husband won't be able to?
My brother is single, will never marry (I am sure) and I trust him more than anyone in the world.

My spouse had a gambling problem, while he has not gamble for a few years any depression episode can cause him to relapse. Can I have a secret life insurance policy with the beneficiary as my brother so he can help my daughter just in case my husband won't be able to?
My brother is single, will never marry (I am sure) and I trust him more than anyone in the world.

The best way to handle this, setup a trust with your brother as the administrator.

Yes you can. An insurance policy is like a contract between you and the insurance company. You can name whoever you want as your beneficiary/beneficiaries. State law governing wills and estates does not apply to insurance policies, so there's no rule that says you HAVE to name your husband as the sole beneficiary -- or even as a partial beneficiary.

The only issue is if you leave it to your brother he can spend it on anything he wants. Sounds like he's a trustworthy individual, but you need to know -- forewarned is forearmed.

If you purchase the policy you can name anybody as the beneficiary. If the policy will be for small amount of money that would be fine. If you are going to be getting a larger policy, I would go to a lawyer. The lawyer can set up a trust for your daughter with your brother named as the trustee. The life insurance would go to account to be used only for your daughters benefit with your brother deciding how to give it to her.

If you purchase the policy you can name anybody as the beneficiary. If the policy will be for small amount of money that would be fine. If you are going to be getting a larger policy, I would go to a lawyer. The lawyer can set up a trust for your daughter with your brother named as the trustee. The life insurance would go to account to be used only for your daughters benefit with your brother deciding how to give it to her.

You would be better off naming your child as the beneficiary so the money goes into a trust until she reaches a certain age. Your will needs to state that your brother will be the administrator of the trust. That way, he is in charge of the money and can use some if it for your daughter, the balance would be held in trust to be given to her when she reaches a certain age. That would be the safest way to handles it.

You can name anybody you choose as your beneficiary.