RaycastHit CS0165 Error

Hey I get this error every time but I don’t know why: “Assets/Scripts/PickUp/BranchPickUp.cs(20,20): error CS0165: Use of unassigned local variable `hit’”

And here is script:
using System.Collections;
using UnityEngine;

public class BranchPickUp : MonoBehaviour {

	BranchNumberBehaviour BranchNumber;
	bool canhover;
	GameObject Branch;

	void Start () {

		BranchNumber = GameObject.Find("NumberOfBranch").GetComponent<BranchNumberBehaviour>();
	}

	void Update () {

		var fwd = transform.TransformDirection(Vector3.forward);
		RaycastHit hit;

		if(hit.distance <= 5.0 && hit.collider.gameObject.tag == "PickUp")
		{
			canhover = true;

			if(Input.GetKeyDown(KeyCode.E))
			{
				BranchNumber.NumberOfBranches += 1;
			}
		}
	}
}