Backing-up your iPad to iCloud (or iTunes) is always recommended - as this is your safety-net should you iPad be damaged or stolen. Ensure that you backup is regularly refreshed to ensure that your backup data is as current as possible.
How to back up your iPhone, iPad, and iPod touch - Apple Support
Your existing backup can be restored to a replacement device of the same or later version of iPadOS. You cannot, however, restore an iOS/iPadOS backup to a Mac.
During setup of a new device, ensure that you sign-in to iCloud with the same AppleID; the set-up process will offer the opportunity to restore data from an existing backup.
If you still have your existing device when you set-up your new iPad, your available options expand beyond that of just restoring from backup.
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
When you are ready, the best procedure for preparing you old device for disposal or reuse can be found here:
What to do before you sell, give away or trade in your iPhone, iPad or iPod touch – Apple Support