How to Turn Down Internship after Verbal Acceptance?

Sophomore at west-coast semi-target getting boutique internships this fall before SA recruitment season and have 2 offers.

One is in-person at an LMM private equity firm that I am really interested in and accepted.

Problem is that I verbally accepted over email another offer (wealth management) with a family office. I don't particularly want this one, and have not signed any papers yet.

How do I now tell them that I don't want it anymore? Thanks.

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