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Default drop down list for IF equation

Morning all.
I have an IF equation, and want to know if I can place a dropdown menu/list
in the equation, to call to a name within the list.
This equation is located in a single cell, and will be dragged down to
subsequent cells-- once the correct name is selected. I only want the
dropdown in the first cell.

E.g. =IF(A4="DecreedOwner'sName","B","C")

for the "DecreedOwner'sName", I'd like to have a list of names to choose
from.
E.g.
John Doe
Sam Davies
Jake Joely
Betty Davis
etc....

I was thinking some kind of macro would need to be called to.
Is this possible?
If so, how would I do this?

Thank you.

 
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