If you want to replicate the official probability distribution (any number from 1 to 50 has a 2% chance of being the number of charges), then you can't do it with a fixed probability. By the official distribution, the probability is 1/50 that the first charge is the last, but if it isn't, the probability that the second charge will be the last will go up to 1/49. This will continue: if you've already used 48 charges, and know that the wand isn't depleted, there are either 1 or 2 left, so the probability that then next charge is the last is as high as 1/2.
The official probability distribution is called a uniform distribution, because every possible number of charges is equally likely. What you propose is called a geometric distribution. One of the properties of a geometric distribution is that there is no limit to how high the random variable can get. For example, if you use 2% as your probability (that each given charge is the last), then 13% of wands will have over 100 charges, and about 1.8% will have over 200.
On the other hand, if you do want a geometric distribution (so that arbitrarily high numbers are possible, although less and less likely the higher you go), then decide what the average number of charges per wand should be. If you want them to average n charges, the probability you use should be 1/n. So your suggested method would produce 50-charge wands on average, whereas the rulebooks have that number as the maximum.