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An affidavit of execution consists of three main components: the preamble, the body, and the jurat. The preamble introduces the affidavit, while the body is typically single-spaced with double spacing between numbered paragraphs. The jurat, located at the bottom, is crucial as it includes the deponent's signature and the commissioning by a commissioner for oaths. A practical way to format the jurat is by utilizing the table feature in document editing software, which is demonstrated in the video tutorial. The affidavit of execution is widely used across various applications, particularly when a signature needs to be commissioned for a document.