Equip Items on the Ground | Unreal Engine 5
This video includes a basic blueprint for an item that can be attached to a controlled character using a custom transform. The blueprint utilizes a "Cast To" node to share its values with the actor it was casted to (in this case, the character pawn).
It's worth noting that the character pawn wasn't set up using Unreal Engine's standard character pack, but rather the third person template when creating the project.
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My hardware at the time:
GPU : GTX 1650 super 4GB VRAM
CPU: Ryzen 5 3600