In one of my VB6 forms, I create several other Form objects and store them in member variables.
Private m_frm1 as MyForm
Private m_frm2 as MyForm
// Later...
Se
Objects in VB have reference counting. This means that an object keeps a count of how many other object variables hold a reference to it. When there are no references to the object, the object is garbage collected (eventually). This process is part of the COM specification.
Usually, when a locally instantiated object goes out of scope (i.e. exits the sub), its reference count goes down by one, in other words the variable referencing the object is destroyed. So in most instances you won't need to explicitly set an object equal to Nothing on exiting a Sub.
In all other instances you must explicitly set an object variable to Nothing, in order to decrease its reference count (by one). Setting an object variable to Nothing, will not necessarily destroy the object, you must set ALL references to Nothing. This problem can become particularly acute with recursive data structures.
Another gotcha, is when using the New keyword in an object variable declaration. An object is only created on first use, not at the point where the New keyword is used. Using the New keyword in the declaration will re-create the object on first use every time its reference count goes to zero. So setting an object to Nothing may destroy it, but the object will automatically be recreated if referenced again. Ideally you should not declare using the New keyword, but by using the New operator which doesn't have this resurrection behaviour.