How to check if tool is in Character/Equipped?

I want to keep checking if my tool, pistol, is in the character. Here's the script I tried to make:

game.Players.PlayerAdded:Connect(function(player)
	local character = player.Character or player.CharacterAdded:Wait()
	while true do
		wait(1)
		for i, v in pairs(character:GetChildren()) do
			if v.Name == "Pistol" then
				print("Pistol found")
			end
		end
	end
end)

Tool has two useful events which may be helpful for you, these are Equipped and Unequipped

Using your example you could detect what tool is equipped through this method:

game.Players.PlayerAdded:Connect(function(Player)
	Player.CharacterAdded:Connect(function(Character)
		for _, Tool in pairs(Player.Backpack:GetChildren()) do
			if Tool:IsA('Tool') then
				Tool.Equipped:Connect(function()
					print(Tool.Name .. ' has been equipped by ' .. Player.Name)
				end)
			end
		end
	end)
end)