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An affidavit of execution has three main components: the preamble (top part), the body (typically single-spaced with numbered paragraphs and double spacing between them), and the jurat (where the deponent signs and is commissioned by a commissioner for oaths). The jurat is crucial and can be easily formatted using a table. The affidavit of execution is widely used for various purposes, primarily for situations requiring a signature to be commissioned, making it one of the most commonly utilized affidavits. The video tutorial provides guidance on how to format the jurat using a table feature.