You can either set-up your new iPad “as new”, with your existing AppleID - or you can simplify setup and transfer everything from your old to new iPad. The transfer process doesn’t actually move anything - but instead effectively copies your data, files, photos and existing device settings to the new iPad.
With both old and new using the same AppleID, you can synchronise data between devices and iCloud should you choose to do so. Any purchased Apps, subscriptions and Apple services can also be shared between your devices.
Your device Passcodes are fully independent of each other. You can manually set the Passcodes to be the same or different.
These support pages should get you started with setup of your new iPad - and the methods of transferring your data from old to new iPad:
Set up your iPhone, iPad or iPod touch – Apple Support
Transfer data from your previous iOS device to your new iPhone, iPad, or iPod touch - Apple Support
Use Quick Start to transfer data to a new iPhone, iPad or iPod touch – Apple Support
If the donor iPad, from which you are transferring your data precedes iOS12.4, QuickStart will not be available.
“Transfer” is rather a misnomer. In reality, your data and setup is merely cloned to the new device. Nothing is moved or removed from the original device.
An alternative is to restore either an iCloud or iTunes backup to the new device:
How to back up your iPhone, iPad and iPod touch – Apple Support
Restore your iPhone, iPad, or iPod touch from a backup - Apple Support