How do I instantiate text relative to world space and add a few other behaviors

Hello everyone, I haven't done anything for a month now and I've begun on a new project which I think is fairly simple. It's basically a walking simulator with these bubbles that contain dialog.
When you go near a bubble, the message it contains appears and will disappear after a certain distance/time away from the bubble. Now, my question is, how do I do that? I tried doing something with some of my prior knowledge but it didn't work.
I already got the detection for the player working but I'm not so sure what to do about the text.
It would also be really cool If I could add some sort of transition (like a fade or something) for the text but that ain't important right now.

 

Add a canvas to your model and set to world space. Add a text field to the canvas. You'll probably need a script to keep the canvas aligned to the camera as your character moves.