Which of the following is NOT true with respect to the mutual fund account once they move to California?

The asset will be considered a community property asset and each spouse will have a one-half interest in the account.

Amy is free to bequeath her interest in the mutual fund account to anyone she wishes, without Larry's consent.

Larry is free to gift his interest in the mutual fund account to anyone he wishes, without Amy's consent.

The entire value of the account will receive a step up in basis at Larry's death.