Opening a widget only while character holds a specific item

Hey everyone, this is my first time posting on UE forums. I am about 5 months into my journey and Ive tried to do my due diligence before posting but I cannot seem to find what im looking for, possibly I dont know what to even search for.

I am essentially looking to be able to open a menu of sorts while the character has a specific item in hand, I wasnt sure if this is done in the BP of the pickup item or through the widget, I was curious as to how this process is communicated through UE. Any info is appreciated, Thank you so much!