Does this CPU need a heat sink and fan?

I am going to be upgrading a processor and motherboard in an old computer and in a guide I saw that you are able to install a heat sink+fan for your processor directly on the motherboard. Is this needed? The processor I am looking to buy doesn't come with a heat sink and fan (intel 2nd Gen i5-2300 quad-core 2.8Ghz.) Is it needed or is it optional? ALSO do the processors usually come with thermal compound to put on the CPU? Thanks!