Dynamically create/remove terms in taxonomy when custom post type is published/trashed

Ok, I think I’ve figured out a viable solution. Kinda disappointed that there’s no way I’ve found thus far to hook directly into trash_{custom_post_type} like I was able to on the publish_{custom_post_type} hook. Here’s a solution for anyone else struggling with this issue. If anyone has any better suggestions, please feel free to share!

/**
  * Automatically removes term in 'custom_taxonomy' when the post of 'custom_post_type' is trashed
  */
function remove_cpt_term($post_ID) {
    $post = get_post($post_ID);
    $term = get_term_by('slug', $post->post_name, 'custom_taxonomy');

    // target only our custom post type && if no posts are assigned to the term
    if ('custom_post_type' == $post->post_type && $term->count == 0)
        wp_delete_term($term->term_id, 'custom_taxonomy');
}
add_action('wp_trash_post', 'remove_cpt_term');