Unfortunately, there is little to no guidance on this.
There is a section in the DMG about activating a magic item:
Activating some magic items requires a user to do something in particular, such as holding the item and uttering a command word, reading the item if it is a scroll, or drinking it if it is a potion. The description of each item category or individual item details how an item is activated.
And as highlighted, it references there being a command word that needs to be uttered. So just grabbing an item isn't enough, you need to know the secret word/phrase. But if a character has seen the item in action, there is no reason to believe that they can't know and repeat the command word.
The description also says, "SOME magic items". So that doesn't mean all items that are held will also have a command word. In fact, as a rough estimate, there are (across all official books, modules, supplements, etc) a couple thousand items, but only a hundred or so use the term "command word". At first I thought it would be just those items that have multiple functions (command one does action one, command two does action two), but the descriptions were not that consistent with the phrasing.
So the next thing to examine is what does "holding" an item mean. Even there, we are left wondering. A phrase that pops up a lot is "worn or carried" as certain spells/actions do not work if an item is worn or carried. That question is answered (but not accepted). Basically, if it's listed on a character sheet, it's considered worn or carried. There is a question about what the difference is between "wearing" an item and "wielding" an item which has a clear answer. But not so with holding.
In fact, the closest I could come to finding anything about "holding" in general are holy symbols.
A cleric or paladin can use a holy symbol as a spellcasting focus, as described in chapter 10. To use the symbol in this way, the caster must hold it in hand, wear it visibly, or bear it on a shield.
So that seems to be the extent of rules regarding items that must be held "properly" in order for it to be effective. And even here, it's just "held in hand". It is a flimsy ruling at best.
Barring the Rule of Cool, as a DM, I would say that if a wizard is pointing a wand at you, you can't just grab it and activate it.
An example of another item that would have this issue would be if Character A uses a Wind Fan on their turn. A goblin, on their turn, reaches out and grabs the same fan (since it wasn't put away at the end of the character's turn) and just because it is now holding it, also uses the fan to blow back at the character. This would go against the logic of using such an item.
This does not preclude the goblin from using their turn to grab the fan and steal it as their Action and use it on their next turn. But just the act of reaching out isn't enough to be considered wielding the item.