When the surviving spouse chooses equalization over inheritance

If a surviving married spouse chooses to receive an equalization payment rather than an inheritance, then

If there was a will: unless it is clearly specified in the otherwise in the Will, the surviving spouse forfeits all entitlements under the Will. This will also have the result of the deceased’s Will being interpreted as if the surviving spouse has predeceased the testator;
If there was no Will: then the succession rules will apply as if the surviving spouse has predeceased the intestate.
A surviving married spouse who chose equalization rather than inheritance cannot act as an executor of the estate.

The equalization rules have a large impact on estate administration in Ontario, and therefore on Will drafting in Ontario. In effect, the equalization rules put a floor under the amount that the married spouse of the deceased can inherit. This floor is roughly one-half of the increase in net family property of the deceased during the marriage (not one half of the wealth of the deceased, as what the deceased brought into the marriage is removed from the calculation of net family property). Accordingly, it is very risky usually quite unwise – for a person to draft a Will under which their married spouse will receive less than their equalization entitlement.