This may seem easy, but is rife with potential problems. My last name is two words...

If all your data is indeed three strings delimited by single spaces, you could just try something like this:

UPDATE YourTable

SET LName = PARSENAME(REPLACE(LTRIM(RTRIM(IndName)),' ','.'),3),

FName = PARSENAME(REPLACE(LTRIM(RTRIM(IndName)),' ','.'),2),

MName = PARSENAME(REPLACE(LTRIM(RTRIM(IndName)),' ','.'),1)

--Jonathan