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An affidavit of execution consists of three main components: the preamble at the top, the body (which is single spaced with double spacing between numbered paragraphs), and the jurat at the bottom. The jurat is crucial as it includes the deponent's signature, which must be commissioned by a commissioner for oaths. To create the jurat, it is suggested to use the table feature for formatting, as demonstrated in the accompanying video tutorial. This affidavit is commonly used in various situations requiring a commissioned signature when a document is signed.