You could probably use a box collision on the actor in question and do a “OnComponentBeginOverlap” and create the widget then. Or if you’re using an interface for pickups you can call the function when you execute the pickup.
I believe there are several ways you could achieve this without using any kind of tick event. If you must approach this with a tick I would suggest using a timer instead to save on the cpu as you probably wouldn’t need to check on every frame to call the function…