Registration will be from 10 a.m. to noon. A balloon release will be at 12:30 p.m.
Daughtery and Villarreal, who were both students at Goliad High School, were killed in separate car wrecks in 2011.
There will also be a motorcycle ride to Lost Cajun Restaurant near Coleto Creek Reservoir. A $20 donation per motorcycle includes a free meal.
All the proceeds from the event will go to fund local scholarships.