Makes sense but the state will make it difficult to claim. The states clearly wants it.
Legally, I don't think the state can demand the identity of the beneficiary of the trust.
If Iowa law requires that only an individual can claim a ticket, they might have a supportable position. Otherwise:
For obvious reasons, the state wants to be sure the ticket is valid. I don't think they have (yet) claimed it is invalid.
There is plenty of legal precedent for a trust or partnership claiming a lottery ticket in other states. Any problem is being created by the state of Iowa, and unless they have legislation specifically requiring that an individual must personally claim a ticket, they are opening them up to legal action -- which they will lose.