Solved Tree Fungus?

Looks like some kind of bracket fungus.
I'd be inclined to think the tree was on the way out, but could survive years.

 

It is usually a sign that the tree is in trouble and will be dying , however, the process can take a long time. We have an enormous Beech tree which an arborist friend reckons is well over 250 years old.
She has had a good show of honey fungus every year since we moved here nearly 20 years ago but is still going, maybe not strongly, but going. I am hoping she will “ see me out” as my granny used to say anytime she bought anything new.