The gameplay of Torchlight 3 is all about leveling up your respective character by gaining skill points and gaining access to new abilities regardless of which class you have chosen. Not only do you have the two skill trees for each class, but there are also the Relic skill trees that you need to manage as well. Skill points can be used on these to get abilities, but sometimes you just realize you don't like your chosen build and want to redo it. The good news is that Torchlight 3 allows you to respect your skill points in-game, but it's not something that's entirely apparent in-game.
While it's possible to respect your skill points in Torchlight 3, it's not an invitation to be reckless with the skill points you earn. This is because respecing is not something you can do indefinitely and instead requires an object known as Respectacle.
Respectacles can be obtained in Torchlight 3 in different ways, for example by defeating bosses or as a consumable that you obtain by completing quests in the game. For the latter you will have to go to your inventory and in the tab consumables to use it.
Once you actually have some Respectables to use, you need to head to your own personal fort. While you're at it, you should make sure to build a Skill Station that matches your class. That would be Arcanum for Dusk Mage, Arms Cart for Sharpshooter, Automaton Shop for Forged, and Workshop for Railmaster.
Once you've built the skill station in your fort, interact with it to spawn your skill tree. This will look like the normal skill tree area of the menu, but you can now redeem skill points on these abilities by pressing Y/Triangle or selecting it on PC. However, this will deplete your Respectacle, so be very careful what you pay back, as you won't be able to take it back after that.
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