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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:

The ticket is a bearer instrument.
The lawyer represents the trust.
The trust is the bearer.
The state is legally obligated to pay the trust.

If the state refuses to pay the bearer of a valid ticket, the integrity of the entire lottery is in question. If they can refuse to pay it now for an arbitrary reason, they can refuse to pay it to anyone for any reason.

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.