Object's life question, please

[Tomexx]

Hi,
Say, I have a class CPerson and Form1 (with 2 command buttons,
1 text box) in the project. The class has a FirstName property.

'Form1 code
Private Employee As CPerson

Sub cmdGetName_Click()
    Set Employee = New CPerson

    Employee.FirstName = Text1.Text
End Sub

Sub cmdShowName_Click()
    MsgBox Employee.FirstName
End Sub

So first, I type a name in the Text1 textbox, I click cmdGetName, then I click cmdShowName. As I understand it, Employee object shouldn't exist by the time I click on cmdShowName because it should've been terminated upon exiting cmdGetName Sub. The object life stops when it's set to Nothing OR when it falls out of scope (out the procedure that was set in). I didn't set it to nothing but when cmdGetName goes through, it should automatically fall out of scope and stop existing. But it doesn't. The above program works. Does that mean that if I don't set object to nothing, it will exist between procedures?
Please help me understand this.

Thanks for help.