How does one trigger an action in a child functional component in React?

With a basic form/input layout, it's clear that a callback should be used for state changes from child to parent (initiated by child), but how can the parent ask the child component to re-assess its state and communicate that back to parent?

The end goal here is simply to trigger validation of child inputs upon submit of a form button.

Given [ts] code that looks like this:

    const Login : React.FC<Props> = (props) => {
        ...useStates omitted

        const onSubmit = () : void => {
          //trigger `verify()` in PasswordInput to get up-to-date `valid` state var

 
        }
        
        return (
            <PasswordInput
              onValidChange={setValid} />
            <Button
              onPress={submit} />
        )
    }


    const PasswordInput : React.FC<Props> = (props) => {
        ...useStates omitted

        const verify = () => {
          //verify the password value from state

          props.onValidChange(true)
        }


        return (<Input onBlur={verify}/>) 
    }

Notes/paths taken thus far:

• You may not use the ref attribute on function components because they don’t have instances.
• Tried using useEffect to update a submitted state variable that did effectively trigger re-validation, but ordering of useEffect would always come after the parent component evaluated onSubmit, leading to an out-of-date value. I.e. it would take two clicks of submit before the valid variable was up to date.
• React version 16.14.4

UPDATE Lessons learned:

• If you are going to trigger an action in a child component, you may use the refs method outlined by Nadia below, but the more proper React Way® is probably via a shared Reducer.
• Don't expect state to always be updated through callbacks to your parent at time of calling into said reference. In my case, the only method ordering that worked was to have what would be the verify method above actually return the up-to-date values.

A simple example of how you can approach this

function Child(props)
{
    const validate = () => alert('hi from the child');
    props.registerCallback(validate)
    return (<div>I'm the child</div>)
}

function Parent()
{
    const callbackRef = React.useRef();

    function registerCallback(callback) {
        callbackRef.current = callback;
    }
    return (
        <div>
            <Child registerCallback={registerCallback} />
            <button onClick={() => callbackRef.current()}>
                say hello
            </button>
        </div>
    )
}

https://jsfiddle.net/4howanL2/5/