I set up a savings account several years ago with my then five year old nephew. I ran into some problems and the account is seriously overdrawn and there is no way I can pay it back. How can I get my nephew's name off the account, so it won't hurt him down the road for my bad judgment.
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If the account was in your name and your nephew was named as the beneficiary or Pay on Death payee, your problem should not become his, except to the extent that there's no money for him in the account. If the account was set up as a joint account, and your nephew didn't ever benefit from it, he might have a strong argument that he never knew about or owned the account and never contracted for it (he was only five years old, after all), and should not be tagged with its history.
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If the account was in your name and your nephew was named as the 